Daily Pivots: (S1) 0.7433; (P) 0.7458; (R1) 0.7487; More…
AUD/USD’s decline and break of 0.7414 minor support suggests that the corrective recovery from 0.7309 has completed at 0.7483. Intraday bias is back on the downside for retesting 0.7309 low. Decisive break of f 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will extend the larger fall from 0.8135 to 0.7158 support next. On the upside, above 0.7483 will bring another recovery through 55 day EMA (now at 0.7503). But upside should be limited below 0.7676 resistance to bring fall resumption eventually.
In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.
